2025年12月30日，瑞银发布研报，重申昂跑"买入"评级，目标价85美元。报告指出，昂跑的全球品牌认 知度从2024年的13%提升至15%，且运动鞋和服装购买意向显著增长，预计2026年市场份额可能进一步 扩大。 业务进展情况 2025年11月，昂跑在亚洲、中东、拉丁美洲和欧洲新开设五家门店，首次进入韩国、沙特阿拉伯、墨西 哥和西班牙市场。这一扩张策略旨在加强直营渠道和社区参与度，支持品牌国际化增长。 机构观点 经济观察网昂跑近期在财务表现、战略扩张及机构评级方面有积极进展，可能对市场产生影响。 业绩经营情况 2025年11月12日，昂跑发布2025年第三季度财务报告，净销售额达7.944亿瑞士法郎，同比增长24.9% (恒定汇率下增长34.5%)，超出市场预期。同期净利润同比大幅增长289.8%，毛利率提升至65.7%。公司 还上调了2025年全年指引，预计恒定汇率下净销售额增长34%。 股票近期走势 2026年1月5日，昂跑股价出现单日急速上涨5.03%，成交量为64.53万股。机构评级显示，86%的参与券 商给予买入建议。 以上内容基于公开资料整理，不构成投资建议。 ...

Core Viewpoint - The launch of "Hand-sliced Roast Duck" by Quanjude in Singapore marks a significant step in the brand's internationalization and the popularization of its intangible cultural heritage techniques [5][3]. Group 1: Product Launch and Features - Quanjude's "Hand-sliced Roast Duck" is a retail product that replicates the dining experience, adhering to the national-level intangible cultural heritage technique of Quanjude's roast duck [3]. - The product is crafted through a meticulous process involving traditional wood-fired roasting and is hand-sliced by a master under the supervision of a sixth-generation inheritor, ensuring authentic taste and quality [3]. - It includes classic accompaniments such as pancakes and sauce, aiming to deliver a dining experience comparable to that in restaurants [3]. Group 2: Strategic Importance - The overseas launch of "Hand-sliced Roast Duck" is a key implementation of Quanjude's strategy to transform dining products into retail offerings and to enhance brand internationalization [5]. - Quanjude has been committed to balancing the inheritance of intangible cultural heritage techniques with innovative development, evolving from a single transmission of skills to training the seventh generation of inheritors and welcoming international apprentices [5]. - The company aims to adapt its century-old roast duck to diverse global consumer scenarios while maintaining traditional flavors [5]. Group 3: Market Trends and Business Strategy - The food business has become a crucial component of Quanjude's dual-driven strategy, leveraging its SC production qualifications to ensure food quality [7]. - The company is transforming its dining experience into packaged foods, such as vacuum-sealed roast duck and mooncakes, to reach consumers in various locations [7]. - As the consumer market shifts towards quality, convenience, and emotional value, Quanjude is expanding its food product offerings and retail channels both domestically and internationally [7].

Core Insights - The opening of the Sailun Qingdao Airport Experience Center marks a significant step in the company's international branding strategy, showcasing the innovative strength of Chinese tire brands to global travelers [1][10] - The center features a striking visual design that includes a racetrack motif and a dynamic scene of F4 racing, aimed at igniting the passion for sports among travelers [2][12] - The Experience Center serves as a platform for Sailun's flagship product, the Liquid Gold Fashion Series tires, which blend technological quality with aesthetic appeal, redefining industry standards [5][14] Group 1: Experience Center Features - The Experience Center emphasizes an open, interactive, and scenario-based approach, moving beyond traditional static displays of tire products [6][15] - Visitors can closely observe high-quality Liquid Gold tires, as well as tires designed for various terrains, including racing and off-road conditions, showcasing Sailun's technological advancements [6][15] - The center includes features like car color customization experiences and interactive tire games, enhancing user engagement and providing professional tire selection advice [6][15] Group 2: Strategic Importance - The Qingdao Jiaodong International Airport serves as a natural international platform for Sailun's branding efforts, linking global resources and promoting the company's high-end positioning [8][18] - Sailun's chairman highlighted the company's 20 years of commitment to technological innovation, aiming to create a unique brand experience at the airport [8][18] - The collaboration with the airport enriches the commercial landscape and allows global travelers to appreciate the strength of the Qingdao rubber industry [10][20]

Core Viewpoint - The Hong Kong capital market has experienced a vibrant start in 2026, with a significant number of companies submitting listing applications, reflecting strong confidence in China's new economy sectors [1][2]. Group 1: Listing Activity - A total of 139 companies submitted listing applications to the Hong Kong Stock Exchange in January 2026, with 17 companies applying on January 30 alone [1]. - Notable companies that completed their listings include Mingming Hen Mang, Longqi Technology, and Zhaoyi Innovation, among others, with various sectors represented [1][5]. - The listing activity is characterized by a diverse range of sectors, including new energy, semiconductors, AI, robotics, consumer goods, and biomedicine [2][7]. Group 2: Sector Highlights - The new energy sector has shown particularly strong performance, with companies like Xinnengda and Yiwei Lithium Energy planning to raise funds for overseas market expansion [2][3]. - Xinnengda reported a revenue of 13.89 billion yuan for its consumer battery business in the first half of 2025, with a year-on-year growth of 5.2% and a gross margin of 19.63% [2]. - Yiwei Lithium Energy is focusing its fundraising on the construction of its production base in Hungary, with a total investment of up to 8.654 billion yuan for its new energy storage battery project [3]. Group 3: AI and Robotics Developments - AI chip company Aixin Yuanzhi is set to launch its IPO on February 10, 2026, and is recognized as a key player in the edge AI chip market, holding a 6.8% market share [4]. - The robotics sector is represented by companies like Atonmo Robot, which has seen rapid revenue growth, reaching 157 million yuan in the first nine months of 2025 [3]. - The AI large model sector has also generated market enthusiasm, with companies like Zhipu and MiniMax experiencing significant stock price increases upon their listings [4]. Group 4: Market Dynamics and Policy Support - The surge in listings is attributed to multiple factors, including companies' long-term capital needs and the supportive policies from the Hong Kong Stock Exchange [7][8]. - Recent reforms, such as the 18A and 18C listing rules, have facilitated the entry of biotech and tech companies into the market, allowing for greater flexibility in fundraising [7][8]. - Deloitte predicts that around 160 new stocks will be listed on the Hong Kong Stock Exchange in 2026, raising at least 300 billion HKD (approximately 38 billion USD), indicating a continued trend of high fundraising [8].

Pro Ar 海信家电集团党委副书记、副总裁，广东省家电商会执行会长鲍一作分享。 南方+ 戴嘉信 摄 "过去一年，海信在全球业务收入超过2200亿元，海外收入占比超过46%。"1月29日，在"商通世界·贸促未来"佛山国际商会年度会议上，海信家电集团党委 副书记、副总裁，广东省家电商会执行会长鲍一以"穿越周期的全球化之路"为题，分享了海信深耕海外市场数十年的实战经验。 CHINA FOSHAN 中国·第山 .. 可 在鲍一看来，国际化的深层次一定是本地化，没有本地化的组织、资产和运营，算不上真正的国际化。据介绍，目前海信在全球拥有30家研发中心、37家工 业园区，海外公司及办事处达64个，覆盖主要大洲核心市场。为深化供应链本地化，海信设定48%以上的本地化配套率目标，持续提升全球供应链协同能 力。 在鲍一看来，谈品牌离不开品质，创新与品质是穿越周期的"压舱石"。海信每年将销售收入5%投入研发，全球研发工程技术人员超1.5万人，累计专利申请 量达6万余件，主导参与76项国际标准、379项国家标准制定。 以用户为中心，全球化、本土化使得海信家电赢得当地国家和市场信任。比如中东市场偏爱金色家电，海信便推出金色面板电视 ...

转自：新华财经 在国内预制菜行业竞争加剧、同质化严重、利润承压的背景下，海外市场正成为企业寻求增量的关键突 破口。2025年以来，公司坚定推进品牌国际化战略。公司同皇佳食品达成战略合作，筹备设立得利斯南 非代表处；同时携手新加坡陆福投资，整合双方在产品研发、智能制造、跨境投资与本地化运营等领域 的核心优势，共同开拓东南亚及全球市场。 近期，公司董事长赴欧考察，成功敲定了英国、法国、意大利、德国等欧洲多国的市场关键合作伙伴， 初步构建起覆盖西欧、南欧及中欧的立体化销售与服务网络，为得利斯加速拓展欧洲市场、深化全球布 局奠定了坚实基础。（叶鹏） 编辑：赵鼎 作为扎根山东、业务遍及全国的老牌肉制品企业，得利斯此次落子上海，是对既有全国网络的战略升 级。截至目前，公司拥有山东、北京、陕西、吉林、江西五大生产基地，辐射华东、华北、华南、西 北、东北、西南等市场区域。根据此前公告，上海运营中心项目总投资预计9305.99万元，集研发、营 销、品牌推广等于一体，多维度业务支撑体系下，公司有望通过上海城市跳板，深入南方市场腹地，加 大对全国市场乃至全球的辐射力度。 依托上海的电商产业优势，上海运营中心将成为公司电商业务升级的 ...

加速拓展南方市场 作为扎根山东、业务遍及全国的老牌肉制品企业，得利斯此次落子上海，是对其既有全国网络的战略升 级，有望以此为跳板深入南方市场腹地。 得利斯有关负责人在接受《证券日报》记者采访时表示，目前，得利斯拥有山东、北京、陕西、吉林、 江西五大生产基地，而该公司在南方市场的业务开展能力则相对薄弱。 根据得利斯此前相关公告，上海运营中心建设项目预计总投资9305.99万元，集研发、营销、品牌推广 等多功能于一体，其中，营销中心将构建立体化的市场开拓体系；研发中心则将聚焦中式、西式等预制 食品的创新开发。该公司负责人表示，此举旨在进一步丰富公司在预制食品领域的产品储备，持续在产 品端、标准端、安全端等方面建立技术优势。 广州加倍管理咨询有限公司创始人张蓓蓓对《证券日报》记者表示，在预制菜行业竞争白热化的当下， 通过上海运营中心强化研发，得利斯能够率先推出更具创新性与差异化的产品，满足消费者日益多样化 的饮食需求，有望在产品同质化严重的市场中脱颖而出。 此外，依托上海成熟的电商与新媒体生态，该中心也被赋予推动公司新零售业务进阶的使命。得利斯此 前线上业务已具规模，据悉其新零售事业部2025年销售额已突破1亿元， ...

Group 1 - The signing of the livestock transport ship construction order between Anhui Port and Shipping Land-Sea Equipment Company and New Zealand's 44 South Shipping Limited marks the first international order of its kind for the company [2] - This order is a significant achievement for Tongling Port and Shipping Group in promoting high-end manufacturing and international development [2] - The New Zealand shipowner expressed confidence in choosing Tongling Port and Shipping Group as a partner, aiming to create a safe, efficient, and high-standard livestock transport ship [2] Group 2 - The successful landing of this order opens up the high-end special ship market in New Zealand and Oceania for Anhui Port and Shipping Land-Sea Equipment Company [2] - The company is focused on optimizing product structure and accelerating brand internationalization, which holds strategic significance [2] - Anhui Port and Shipping Land-Sea Equipment Company is a modern high-end equipment manufacturing enterprise formed by a joint venture between Tongling Port and Shipping Investment Construction Group and Shandong Port Group [2] Group 3 - The company is leveraging the construction scale and location advantages of the former Congyang Shipyard to promote the shipyard project in the Anhui Port Economic Industrial Park [3] - The shipyard primarily engages in shipbuilding, repair, and dismantling, while also enhancing the functional layout of Tongling Port [3] - Last year, the Congyang Shipyard received its first international order for four 12,000-ton self-propelled deck barges from Singapore's Weili International Group, valued at 170 million yuan [3]

Group 1 - The core event "China White" Dehua Ceramics Industry Exchange focused on brand upgrading, showcasing the transformation of "China White" from historical memory to an international brand, injecting new momentum into the high-quality development of the Dehua ceramics industry [1] - The event attracted over 650 participants, including ceramic artists, sponsors, and local artisans, who engaged in deep discussions on themes such as brand building, artistic innovation, industrial upgrading, and international exchange [1] Group 2 - The "China White" International Ceramic Art Competition, initiated in 2016, has successfully held four editions, becoming a significant international event in the ceramic art field, attracting nearly 2,000 artists from over 50 countries and regions [2] - An international artist residency program has been launched, with 39 artists from 14 countries, including France, the USA, Italy, and Russia, participating in Dehua by 2025, contributing to a comprehensive cultural exchange system [2] Group 3 - Under the leadership of the "China White" brand, the Dehua ceramics industry has achieved a high-quality transformation through independent innovation and cultural empowerment, with the industry cluster scale increasing from 23.7 billion yuan in 2015 to 76 billion yuan by 2025 [3] - The Dehua ceramics industry has developed a diverse industrial system that includes art porcelain, daily-use porcelain, and craft porcelain, becoming one of the most dynamic ceramic production areas in China [3]

Core Insights - Chow Tai Fook Jewelry Group announced the opening of a strategically significant new store in Siam Paragon, Bangkok, on January 16, and appointed actor Yang Yang as the global brand ambassador [1][4] Company Expansion Strategy - Chow Tai Fook operates over 5,000 stores globally and has a market capitalization of approximately HKD 122 billion as of December 31, 2025 [1][4] - The company aims to enhance its international retail experience as a key part of its brand transformation strategy, emphasizing its commitment to becoming a leader in the global luxury goods sector [1][4] - The appointment of Yang Yang as the global brand ambassador is a crucial aspect of the company's strategic vision to shape a fashionable and elegant image for Chinese luxury brands on the world stage [1][4] International Market Development - Chow Tai Fook has a long history of international expansion, having opened its first overseas store in Singapore 15 years ago, marking its entry into the Southeast Asian market [1][4] - Following the opening of a newly designed store at Changi Airport in Singapore in November 2025, the Bangkok store is the next step in its international retail network expansion [1][4] - The company plans to enter the Australian market by June 2026 and open a new store in Canada, with intentions to enter the Middle Eastern market within two years [1][4]